Country Summary: Iceland
Country Name: Iceland
Capital: Reykjavik
Government Type: unitary parliamentary republic
Background: Settled by Norwegian and Celtic (Scottish and Irish) immigrants during the late 9th and 10th centuries A.D., Iceland boasts the world's oldest functioning legislative assembly, the Althingi, established in 930. Independent for over 300 years, Iceland was subsequently ruled by Norway and Denmark. Fallout from the Askja volcano of 1875 devastated the Icelandic economy and caused widespread famine. Over the next quarter century, 20% of the island's population emigrated, mostly to Canada and the US. Denmark granted limited home rule in 1874 and complete independence in 1944. The second half of the 20th century saw substantial economic growth driven primarily by the fishing industry. The economy diversified greatly after the country joined the European Economic Area in 1994, but Iceland was especially hard hit by the global financial crisis in the years following 2008. The economy is now on an upward trajectory, fueled primarily by a tourism and construction boom. Literacy, longevity, and social cohesion are first rate by world standards.
Continent: Europe
Population: 360,872 (2023 est.)
Ethnic Groups: Icelandic 81.3%, Polish 5.6%, Danish 1%, other 12.1% (2021 est.)
Languages: Icelandic, English, Nordic languages, German
Religions: Evangelical Lutheran Church of Iceland (official) 62.3%, Roman Catholic 4%, Independent Congregation of Reykjavik 2.7%, Independent Congregation of Hafnarfjordur 2%, pagan worship 1.4%, Icelandic Ethical Humanist Association 1.1%, other (includes Zuist and Pentecostal) or unspecified 19%, none 7.6% (2021 est.)
Economic Overview: high-income European economy; frozen EU accession application but Schengen Area member; major tourism, fishing, and aluminum industries; complex regulatory environment; large FDI recipient; highly educated workforce
Currency: Icelandic Krona (ISK)
Reserves of Foreign Exchange & Gold: $5.887 billion (2022 est.) note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Real GDP (Purchasing Power Parity): $21.227 billion (2022 est.) note: data in 2017 dollars
Real GDP Growth Rate: 7.24% (2022 est.) note: annual GDP % growth based on constant local currency
Real GDP per Capita: $55,600 (2022 est.) note: data in 2017 dollars
Exports:
$13.044 billion (2022 est.) note: balance of payments - exports of goods and services in current dollars
Comparison Ranking: 102
Export Commodities: aluminum and aluminum products, fish fillets, salmon, iron alloys, animal meal (2021)
Export Partners: Netherlands 24%, Spain 10%, Germany 10%, United Kingdom 9%, United States 7% (2021)
Imports:
$13.146 billion (2022 est.) note: balance of payments - imports of goods and services in current dollars
Comparison Ranking: 108
Import Commodities: refined petroleum, aluminum oxide, carbon/graphite electronics, cars, packaged medicines (2019)
Import Partners: Norway 11%, Denmark 10%, Netherlands 9%, Germany 9%, China 7% (2021)
Natural Resources: fish, hydropower, geothermal power, diatomite
Agricultural Products: milk, mutton, poultry, potatoes, barley, pork, eggs, beef, other meat, sheep skins
Industries: tourism, fish processing; aluminum smelting; geothermal power, hydropower; medical/pharmaceutical products
Industrial Production Growth Rate:
4.27% (2022 est.) note: annual % change in industrial value added based on constant local currency
Comparison Ranking: 92
Labor Force: 231,000 (2022 est.)
Unemployment Rate: 3.79% (2022 est.) note: % of labor force seeking employment
Natural Hazards: earthquakes and volcanic activity
Geography:
Total: 103,000 sq km
Land: 100,250 sq km
Water: 2,750 sq km
(Country Summary, The World Factbook, CIA.gov)
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